Stock Market Update: Sensex and Nifty 50 Begin Financial Year 2024-2025 on Positive Note

The Indian stock market kicked off the financial year 2024-2025 on a positive note, with both the Sensex and Nifty 50 gaining over a percent in the month of April. However, on Tuesday, the domestic equity indices experienced a fag-end selloff, leading to a lower close for the day. The Sensex ended 0.25% lower at 74,482.78, while the Nifty 50 settled 0.17% lower at 22,604.85.

The market was closed on Wednesday, May 1, in observance of Maharashtra Day. Looking ahead, market expert Sagar Doshi provided insights into the outlook for the Nifty 50 and Bank Nifty. Doshi highlighted that Nifty 50 hit a fresh all-time high at the end of April and could consolidate within a range of 22,550 to 22,800 for the upcoming week.

On the other hand, the Bank Nifty faced a drop of close to 750 points from its intraday highs on Tuesday, indicating a potential underperformance compared to the Nifty. Doshi suggested that the Bank Nifty may continue to drag lower towards 48,600 in the next few trading sessions.

In terms of stock recommendations, Doshi advised buying L&T Finance, Prestige Estates Projects, and Lupin. L&T Finance showed a change in trend early in 2023, while Prestige Estates Projects registered a fresh all-time high close. Lupin, on the other hand, ended its one-month consolidation phase and showed bullish momentum.

It is important to note that the views and recommendations provided are those of individual analysts or broking companies, and investors are advised to consult with certified experts before making any investment decisions. Stay updated on the latest business news, market news, and breaking news events by downloading the Mint News App for daily market updates.